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India's Riders Music Festival Postponed Following Currency Change

NEW DELHI (CelebrityAccess) — Riders Music Festival, a two-day event that was slated to start on December 3rd at Jawaharlal Nehru stadium in New Delhi has been postponed with organizers blaming the country's recent devaluation of currency

"We at the radio station were extremely thrilled to announce the first edition of our new IP 'Riders Music Festival' and were looking forward to its commencement. However, looking at the current scenario we felt postponing it will be a wise decision and very fair from both listeners and business standpoint," Nisha Narayanan, Chief Operations Officer of festival organizer Red FM said in a statement.

"Due to demonetization, businesses across sectors have been impacted. The more organised retail sector which holds a big chunk of radio advertising has also been hit by demonetization with people spending only on necessities," Nisha added.

On Nov. 8th, the Indian government, in a dramatic move to combat counterfeit currency driven inflation, demonetizing Rs500 and Rs1000 notes, creating economic uncertainty for millions of their citizens.

Under the new rules, the 500 and 1000 Rupee notes could only be exchanged in limited quantities following their surprise withdrawal from circulation. – Staff Writers